The global smartwatch market was dominated only by the three brands which include Apple, Inc., Samsung, and Fitbit. Together these companies account for approximately 70% of the market by volume in the third-quarter sales. Out of these Apple Inc. holds the largest share of the smartwatches market. In a total of 14 million units sold across the globe, the company’s grand Q3 total stands at 6.8 million units alone.
Additionally, Samsung also recorded the sale of 1.9 million units during the period. This is considered as the biggest growth of the period for Samsung, as an increase of 73% is observed in the number of smartwatches sold over that period. As in 2018, during the same quarter three, the company had sold 1.1 million units which have increased to 1.9 million in the same period this year. This, in turn, has contributed to increasing the company’s importance in the global smartwatch industry. The company now accounts for 13% of all smartwatches that are sold across the globe.
Moreover, Fitbit, Inc. has also displayed growth of approximately 7% in the same period and has sold 1.6 million units during the third quarter of the year 2019. However, the company has recorded the loss of approximately 4% of its market dominance due to the significant growth of its competitor companies such as Apple and Samsung. From having 15% of the global smartwatch market in the third quarter of 2018 the company has slipped to holding only 11% share of the market during the third quarter of 2019.
The major reason behind the downfall of the company’s share in the market is that it does not have products of sufficient quality with the same relevance as of the advanced models of smartwatches as its biggest competitor Apple Inc. Although, the company still has no signs of market pessimism due to its recent acquisition by Google, Inc. This acquisition will provide a new dimension to the company’s product and strengthen its market dominance.
